LEADER 05957oam 22012134 450 001 9910812021203321 005 20240402051244.0 010 $a1-4623-8705-5 010 $a1-4527-0163-6 010 $a9786612843297 010 $a1-4518-7261-5 010 $a1-282-84329-X 035 $a(CKB)3170000000055271 035 $a(EBL)1608304 035 $a(SSID)ssj0000943265 035 $a(PQKBManifestationID)11550393 035 $a(PQKBTitleCode)TC0000943265 035 $a(PQKBWorkID)10974719 035 $a(PQKB)10976566 035 $a(OCoLC)644162938 035 $a(MiAaPQ)EBC1608304 035 $a(IMF)WPIEE2009114 035 $a(EXLCZ)993170000000055271 100 $a20020129d2009 uf 0 101 0 $aeng 135 $aurcn||||||||| 181 $ctxt 182 $cc 183 $acr 200 10$aSub-Saharan Africa's Integration in the Global Financial Markets 205 $a1st ed. 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2009. 215 $a1 online resource (39 p.) 225 1 $aIMF Working Papers 300 $a"May 2009." 311 $a1-4519-1691-4 320 $aIncludes bibliographical references. 327 $aContents; I. Introduction; Figures; 1. Private Capital Inflows to Sub-Saharan Africa, 2000-07; II. Recent trends in financial globalization in SSA; 2. Global Liquidity; Tables; 1. Private Capital Flows: Volatility; 3. Domestic; 4. Recipients of Private Capital Flows; 5. Top Ten Recipients of Private Capital; III. Determinants of Private Capital Flows to SSA; 6. External Vulnerability; 2. Capital Market Development in Sub-Saharan Africa; A. Recent Literature; B. Estimation strategy and Model; C. Empirical Analysis; 3. Baseline OLS Estimation Results 327 $a4. Instrumental Variables Estimation Results IV. Do private capital flows have an impact on growth in SSA?; A. Correlation Analysis; 7. Sub-Saharan Africa: Capital Flows and Real GDP Growth; B. Testing channels of transmission of private capital flows on growth; 5. Correlations: Net Capital Flows and Real Growth; 6. Channels of Transmission Between Capital Flows and Growth; C. How do Private Capital Flows Affect Growth?; 7. Estimation Results: Linear Growth Model with Capital Flows; V. Conclusion; Appendices; I. Capital Flows Data; II. Variables Definitions and Sources 327 $aIII. Determinants of Capital Flows: Descriptive Statistics and CorrelationsIV. Private Capital Flows and Growth; References 330 3 $aThe paper uses a unique database covering 44 countries in sub-Saharan Africa (SSA) countries between 2000 and 2007 to study the determinants of the allocation and composition of flows across countries, as well as channels through which private capital flows could affect growth. In our sample, the degree of financial market development is an important determinant of the distribution of capital flows across countries as opposed to property rights institutions. The fairly consistent positive association between net capital flows and growth for SSA countries contrasts with the more pessimistic results of recent studies, though our data do not allow us to make conclusive inferences about a causality relationship. 410 0$aIMF Working Papers; Working Paper ;$vNo. 2009/114 606 $aCapital movements$zAfrica, Sub-Saharan 606 $aEconomic development$zAfrica, Sub-Saharan 606 $aInternational finance 606 $aExports and Imports$2imf 606 $aFinance: General$2imf 606 $aInternational Investment$2imf 606 $aLong-term Capital Movements$2imf 606 $aFinancial Aspects of Economic Integration$2imf 606 $aEconomic Growth of Open Economies$2imf 606 $aEconomic Development: Financial Markets$2imf 606 $aSaving and Capital Investment$2imf 606 $aCorporate Finance and Governance$2imf 606 $aInstitutions and Growth$2imf 606 $aEconomywide Country Studies: Africa$2imf 606 $aFinancial Markets and the Macroeconomy$2imf 606 $aInternational economics$2imf 606 $aFinance$2imf 606 $aCapital flows$2imf 606 $aPrivate capital flows$2imf 606 $aCapital inflows$2imf 606 $aFinancial sector development$2imf 606 $aForeign direct investment$2imf 606 $aBalance of payments$2imf 606 $aFinancial markets$2imf 606 $aCapital movements$2imf 606 $aFinancial services industry$2imf 606 $aInvestments, Foreign$2imf 607 $aSouth Africa$2imf 615 0$aCapital movements 615 0$aEconomic development 615 0$aInternational finance. 615 7$aExports and Imports 615 7$aFinance: General 615 7$aInternational Investment 615 7$aLong-term Capital Movements 615 7$aFinancial Aspects of Economic Integration 615 7$aEconomic Growth of Open Economies 615 7$aEconomic Development: Financial Markets 615 7$aSaving and Capital Investment 615 7$aCorporate Finance and Governance 615 7$aInstitutions and Growth 615 7$aEconomywide Country Studies: Africa 615 7$aFinancial Markets and the Macroeconomy 615 7$aInternational economics 615 7$aFinance 615 7$aCapital flows 615 7$aPrivate capital flows 615 7$aCapital inflows 615 7$aFinancial sector development 615 7$aForeign direct investment 615 7$aBalance of payments 615 7$aFinancial markets 615 7$aCapital movements 615 7$aFinancial services industry 615 7$aInvestments, Foreign 676 $a332;332.042;332/.042 712 02$aInternational Monetary Fund.$bAfrican Dept. 801 0$bDcWaIMF 906 $aBOOK 912 $a9910812021203321 996 $aSub-Saharan Africa's Integration in the Global Financial Markets$93989149 997 $aUNINA